The second quarter for Canadian Solar was strong in terms of profit, revenue and shipments.

Image: Canadian Solar

Canadian Solar, the Chinese Tier 1 solar PV developer, has confirmed today that it has secured £49.3 million ($62.8 million) in loans from British bank NatWest for the refinancing of 10 solar PV parks in the U.K. with a combined capacity of 50 MW.

The non-recourse team loan has an 18.7 year payback term, and Canadian Solar has said that part of the proceeds will be used to repay a construction loan of £28.1 million ($35.8 million).

Canadian Solar CEO and chairman Shawn Qu remarked that the deal “demonstrates yet again the quality and bankability of our solar power projects”, adding: “We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the U.K. to help mitigate climate change.”

NatWest’s structured finance representative Kevin Maddick added that the deal reinforces NatWest’s position as a leading funder to the U.K. solar sector.

Ian Clover

Ian joined the pv magazine team in 2013 and specializes in power electronics (inverters) and battery storage. Ian also reports on the UK solar market, having worked as a print and web journalist in Britain for various multimedia companies, covering topics ranging from renewable energy and sustainability to real estate, sport and film.More articles from Ian Clover